What are the advantages of being sefl-employed

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What are the advantages of being sefl-employed

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You may be comfortable in your present job and might never have dreamed of breaking out on your own and starting a home-based business. The advantages of working for yourself however outweigh being employed by somebody else. Let's face it, time is your greatest commodity and it can't be replaced. Would you rather spend it as you see fit, or be stuck in an office cubicle and told to work from nine to five by a boss? Below are three reasons why you should consider working from home.

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Nội dung Text: What are the advantages of being sefl-employed

  1. Think of all the advantages of being self­employed versus having a regular job. If you had a  choice and the income between the two were the same, which would you choose? The advantages of being self­employed is flexibility, time freedom, more opportunity to  increase your income, working from home, no office attire(quần áo), no gossip(ngồi lê đôi  mắt), no office politics, spending time with family and eating lunch at home. Dont forget the tax advantages of being self­employed as well. Theres a lot you can claim as  deductions such as eating out on business, mileage, part of your home as a home office,  fax/printers, long distance, and travel expenses. Write down your goals and figure out why you want to be your own boss. Put those goals and a  time frame you want to achieve it on a 3x5 card and carry it around with you in your wallet. Or put  that card in front of your computer monitor. Look at it and read it everyday. It will remind you to  keep at it and work on your business when you dont feel like it. When you realize that there are so many advantages to being self­employed, youll discipline  yourself and work harder at it. It is worth the extra effort when its your own business and youre  the boss. Would you rather work hard to make someone else rich or work hard for yourself and  your family? Dont give up. You can replace your income from your regular job if you spend a consistent  amount of time working on your business. Dont go to bed every night until you have done  something to advance your home based business. Advantages of Being Self Employed Working for Yourself Has Numerous Benefits © Scott Hayden Apr 22, 2008 Why go through the slow and painful process of cold calling, writing résumés and going to interview after interview? Be self employed and reap your own rewards. You may be comfortable in your present job and might never have dreamed of breaking out on your own and starting a home-based business. The advantages of working for yourself however outweigh being employed by somebody else. Let's face it, time is your greatest commodity and it can't be replaced. Would you rather spend it as you see fit, or be stuck in an office cubicle and told to work from nine to five by a boss? Below are three reasons why you should consider working from home. Job Security Think about this, somebody else has the power to fire you at any time, and for any reason. How long you've been working in a company is irrelevant. When you're out on the sidewalk trying to figure out what to do next, your only source of income (that which came from your boss) has been cut off. Does this sound like a secure situation to you? You'll have to start all over again. The reports of massive layoffs you see in your daily paper or on television are showing that in fact there is not much job security at all. Long Hours for Little Pay
  2. Most of what you earn doesn't go into your pocket. In fact, the money you get from your employer is skimmed off your paycheck in many ways. What are you left with? Only a fraction of what your labour is really worth. If you haven't already realized this, you're trading a great deal of your valuable time for a substantially smaller sum of cash. Limited Experience Talking about getting job experience might sound like a good thing. The reality, however, is when you do a specific job somebody hires you for, you will probably be repeating the same tasks over and over again. You're not getting much experience at all except at that one job, and sooner or later you're going to hit a glass ceiling. The really important question here is if your job experience is going to be worth anything ten years from now. If you decide that you'd like to set up a business at home, you'll have the freedom to determine your hours and pay. Read more: http://choosing- careers.suite101.com/article.cfm/five_reasons_to_be_self_employed#ixzz0CqBmYJLX&B Here are additional benefits of self employment. • There are no office politics. • There are no difficult co-workers, especially bullies and those who gossip. • You'll be healthier physically, mentally and above all, financially. • Go ahead, take a two hour lunch. Nobody will punish you for it. • You can be creative and imaginative when promoting your business. • You won't have to drive as much, which is a good thing. Your car is worth less every day that goes by, so does it make sense to pay higher gas prices and insurance rates for something which loses more value every minute? You'll need to be focused on what you are passionate about, and it will take a lot of time and dedication, but it will be time well spent and working from home works. Millions are doing it, and so can you. • well advantages are, no one tells you what to do. you are in total control and you can decide when to work and when not too. there are tax advantages too if you compare it to the same job being employed as you can claim all related expenses such as travel (motor costs) to reduce your tax bill, so in theory you can pay less tax and national insurance. class 2 NI is only £2.20 a week at the moment which is alot less than what you would pay if you were employed. you also pay class 4 NI on taxable profits over £5225 but this is at 8%. class 1 on employment is 10% so the more money you make, the more NI you save. disadvantages are you have to find the work, do quotes, your own bookkeeping
  3. unless you pay someone to do it for you. pay and accountant to do you accounts each year along with your tax return. you only earn as much as you work, ie the more work you put in, the more you should be paid. you dont get paid holidays, depending on what sefl emp work you do, you made need some savings to get you going through the first few months until work picks up. you gotta advertise, network etc... and you could end up working very long hours. The main advantage of being self employed is that any money you make is yours • (except what the tax man takes). You can work as much or as little as you want to. Although most self employed people are driven by a will to be successful. The disadvantages are that you don't make any money if you are sick or if nobody wants your services for a while.You have to submit your own tax returns and organise your own pension. Basically your income is not guaranteed whereas if you work for a company you may make less money but your income is fairly secure. I would suggest that if you are thinking about being self employed you speak to some local self employed workers and find out their take on it. Good luck whatever you do!!! The money you make is not yours, you should set yourself a wage, stick to it and bank the rest, you will have tax, national insurance, phone bills, insurances, rent, vehicle, equipment, advertising, long hours (even a shop open 9 - 5) you have all the paperwork to keep on top of, if you provide a service you can be in demand any time of the day or night, you cannot have time off when you please, you have time off to suit your clients, no sick or holiday pay, and despite popular opinion, you most likely will still have people telling you what to do. I would reccomend having at least 3 months pay set aside for emergencies, personell cover in case you are ill, a good relationship with the bank already in place, and build a good relationship with your suppliers asap, your competitors will already have a good relationship with them, you have to be different in some way than your competitors and strive never to let a customer down. Good luck. Disadvantages To Being Your Own Boss Being your own boss is what many a employee dreams of in the shower, while hastily(hấp tấp) swilling down some coffee on the way out the door, while once again being stuck in bumper to bumper rush hour traffic, or simply when having yet another meeting with the big boss who really is more clueless than wise, yet not shy in taking credit for all of the employees’ ideas and innovations. Granted, there is a certain allure about being your own boss, setting your hours, and living by your own wits. After all, if you are the person in charge, then everything will be done your way, the first time around, without argument, right? Actually, there are also a number of disadvantages to being your own boss. While they may not be so obvious at first, they soon become glaring. Here is a list of some disadvantages you may not have thought of: Your personality type may not be compatible with being your own boss. Sure, you have the ambition and drive to do things your way, yet what about working long hours, into the wee hours
  4. of the night and morning to finish a project on time or perhaps early to impress the client? What about the ability to bite your tongue when a client does not like the fruit of your hard labor and criticizes a perfectly good sample of your workmanship? Perhaps you do not have the drive and ambition to keep plugging away day after day, no matter how many rejections you receive, and how many callbacks do not happen? Think long and hard before you cut the apron strings to the boss who is currently getting the business in the door and holding you accountable for the work that needs to be done. Your bank account and other financial resources may not be compatible with being your own boss. While you may have a great service or product, you may not have the financial wherewithal to coast while your clientele builds up. Will a late payment from a customer hamper you to the point of having to dip into your house’s equity to pay the mortgage? Will a customer’s unwillingness to pay you cause great stress and havoc with your personal finances? If you do not have some savings that you can fall back on to keep afloat, you should not so easily dismiss a steady paycheck. Your affinity for paying taxes may not be compatible with being your own boss. Not only will you have to navigate the legal maze of permits, papers, and other items needed to be doing business, but you will also need to file quarterly estimated taxes, and then a year-end statement as well. Uncle Sam will also want you to pay your full share of FICA and Medicare, which up to then was half the responsibility of the employer. Unless you are willing to meticulously learn the bookkeeping end of things, you will need to rethink going out on your own. Your family’s willingness to support your dream may not be compatible with being your own boss. Just because you will be your own boss and work out of your home, at least in the beginning, does not mean that your family fully understands the implications. To the kids it simply means that mommy or daddy is home and should be able to pay attention to them and play with them. To the neighbor it may mean the freedom to drop by at any time to chat or ask a favor, while your friend from church might feel perfectly ok to drop off her kids for some babysitting, since “you’re at home anyways.” Similarly, unless your spouse understands that no, you cannot run and pick up the dry cleaning or take Fluffy to the vet, even though you are at home, your efforts at building your business will get lost in mundane chores. Therefore, unless your family understands that your physical presence in the home does not mean that you have nothing to do, but instead it means the opposite, you may not be able to make that leap from employee to self- employed. So, if you are dreaming of the time when you will be self-employed, sit down and count the costs. Do you have what it takes to make this dream a reality, or will the disadvantages of being your own boss threaten to swallow up that business of yours?
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